(a) This section applies only to an individual who:
(1) is a former member of:
(i) the Employees’ Pension System; or
(ii) the Teachers’ Pension System;
(2) is eligible to receive a vested allowance under § 29-303 of this subtitle; and
(3) has not elected to receive a benefit under § 29-303 of this subtitle.
(b) Notwithstanding § 29-303 of this subtitle, an individual under subsection (a) of this section may elect a lump-sum payment equal to the present value of the vested allowance if:
(1) the vested allowance is less than $50 a month;
(2) (i) the individual is not a member of the Optional Retirement Program and has terminated any employment with a participating employer for the State; or
(ii) the individual is a member of the Optional Retirement Program and has terminated employment with an employing institution as defined in § 30-101(e) of this article; and
(3) the individual requests a lump-sum payment of the vested allowance on a form provided by the State Retirement Agency.